Anonymous says the emails deal with BofA's mortgage practices, but the source is not an employee of Bank of America proper -- the source is a former employee from Balboa Insurance, a firm which used to be owned by BofA.

As you will see below, we believe that the evidence that is supposed to be so damning is a series of emails showing that employees of Balboa asked for certain loan identifying numbers to be deleted, and they were.

Anonymous said late Sunday evening, however, "this is part 1 of the Emails." So perhaps more incriminating correspondence is to come. And to be honest, these messages could be incredibly damaging, but we're not mortgage specialists and don't know if this is or isn't common in the field. The beauty is, you can see and decide for yourself at bankofamericasuck.com.

But for those who want a simple explanation, here's a summary of the content.

The Source

The ex-Balboa employee tells Anonymous that what he/she sends will be enough to,

crack [BofA's] armor, and put a bad light on a $700 mil cash deal they need to pay back the government while ruining their already strained relationship with GMAC, one of their largest clients. Trust me... it'll piss them off plenty.

The source then sends over a paystub, an unemployment form, a letter from HR upon dismissal and his/her last paystub and an ID badge.

He/she also describes his/herself:

My name is (Anonymous). For the last 7 years, I worked in the Insurance/Mortgage industry for a company called Balboa Insurance. Many of you do not know who Balboa Insurance Group is, but if you’ve ever had a loan for an automobile, farm equipment, mobile home, or residential or commercial property, we knew you. In fact, we probably charged you money…a lot of money…for insurance you didn’t even need.

Balboa Insurance Group, and it’s largest competitor, the market leader Assurant, is in the business of insurance tracking and Force Placed Insurance... What this means is that when you sign your name on the dotted line for your loan, the lienholder has certain insurance requirements that must be met for the life of the lien. Your lender (including, amongst others, GMAC... IndyMac... HSBC... Wells Fargo/Wachovia... Bank of America) then outsources the tracking of your loan with them to a company like Balboa Insurance.

The Emails

Next comes the emails that are supposed to be so damaging. The set of emails just released shows conversational exchanges between Balboa employees.

The first email asks for a group of GMAC DTN's to have their "images removed from Tracksource/Rembrandt." The relevant DTNs are included in the email -- there's between 50-100 of them.

In reply, a Balboa employee says that the DTN's cannot be removed from the Rembrandt, but that the loan numbers can be removed so "the documents will not show as matched to those loans." But she adds that she needs upper management approval before she moves forward, since it's an unusual request.

Then it gets approved. And then, one of the Balboa employees voices their concern. He says,

"I'm just a little concerned about the impact this has on the department and the company. Why are we removing all record of this error? We have told Denise Cahen, and there is always going to be the paper trail when one of these sent documents come back. this to me seems to be a huge red flag for the auditors... when the auditor sees the erroneous letter but no SOR trail or scanned doc on the corrected letter... What am I missing? This just doesn't seem right to me.

We suspect this is the type of email that Anonymous believes shows BofA fraud:

This hacker group, which is unconnected but sympathetic to Wikileaks, want to expose "corruption and fraud" at BofA with its document drop, and says emails from this former employee of the bank will prove mortgage fraud.

OperationLeaks has been teasing followers for days now with tweets that it received documents about BofA from a disgruntled employee, like this one:

He Just told me he have GMAC emails showing BoA order to mix loan numbers to not match it's Documents.. to foreclose on Americans.. Shame